Crediteck

Payday Loans

Online Payday Loans in Canada

For many of us, making it to our next payday has become an art form. The economy still isn’t great meaning most of us have had to learn to make due. But there’s no science to it. If your car needs repairs or an unexpected doctor bill comes up, all of a sudden you can be without the money you were depending on. Fortunately, small online payday loans instant approval are a blessing anyone can use to their advantage when times get tough.

Cashflow can be tricky at times. Even when we do our best to budget and plan, when your paycheck fluctuates and your bills fluctuate, sometimes they simply don’t balance. When situations like this come up, it can be stressful. If you don’t have much of a reserve in your own bank accounts to help cover the gaps, you need to find a solution. 

Payday loans help individuals close the gap between income and expenses. When you need cash in hand quickly, payday loans can make it happen. There are many more options available for payday loans in our current economy. Gone are the days of the single storefront location. Now you can visit with any number of locations both in your area and online to compare rates, check timelines and find fast approvals. 

If you have a financial need, payday loans help to offset it.

What is a Payday Loan?

Payday loans are designed to be a very short-term loan. They are temporary loans to provide immediate cash when you need it. Typically, a company offering payday loans is aware that you don’t have much cash on hand, and they are willing to help fill that gap. A short-term loan like this often comes with a bit of risk for the company, so interest rates may be higher than other sorts of loans that are more heavily based on collateral or credit score.

The payday loan is designed to bridge a financial shortfall. You borrow the money and then pay it back within a couple of weeks – a pay period, typically. You may be able to set up installments on the loan, or you may be asked to pay the entire amount back in a single payment once your next paycheck comes in. 

Payday loans are an excellent means of covering an unexpected shortfall, especially when you know that future paychecks will have a bit of extra. If you work fluctuating hours, for example, or know that your bonus arrives in another paycheck or two, but you need the cash now for a repair or to cover a bill.

How do Payday Loans work?

There are many payday loan lenders, and they must follow the laws in the area they operate. This may limit the amount of money they are able to lend out or cap interest rates. To qualify for a payday loan, you would start by applying in a storefront location or online. Depending on the location and the loan itself, you may be given a check or cash. You may also have the funds immediately deposited into your checking account. 

Once you have the cash in hand, you are able to spend it according to your wishes and needs. There is no collateral attached, like a car or home, but you are expected to repay the money according to the terms of the loan. 

Most payday loans have a 14-day repayment cycle, but you may have longer depending on your lender. You are expected to repay the loan, often in its entirety, in 14 days. But in addition to repaying the original loan amount, you will also be responsible for the finance charge or interest on the loan. As a short-term loan, this financial charge can be high, making the amount you repay on your payday loan larger than the amount you borrowed.

Benefits of Payday Loans

Payday loans are fast and easy. This makes them the preferred means of borrowing for many families. Because payday loans are offering both in storefronts and online, you have ready access to multiple locations even without leaving your home. If you need car repairs, you can walk to a location nearby in many cases or just apply online.

The most prominent payday loan benefit is how simple they can be. The application for a payday loan is simple compared to many other, more extensive, forms of loans. In many cases there is no credit check. There is typically no collateral. 

In many cases, all you need to do is walk into the payday location, or visit the website, fill out the form with your personal information, show evidence of your ability to repay the loan, such as your paycheck, and you are on your way with money in hand or in your bank account. Every lender has its own criteria, of course, but payday loans are designed to be easy.In addition to delivering money quickly and being easy to qualify for, another payday loans advantage is how accessible loans are from multiple lenders. This makes it possible to compare and shop around a bit to be sure you are getting the best deal possible when you borrow funds. 

Will my Bank Offer Payday Loan?

Traditional banks generally don’t offer small payday loans. As they’re small, most banks just wouldn’t see much profit from doing so. Fortunately, there are payday loan providers all over. Just look into your local community and you’ll probably find a large number in the city. Countless people around the world rely on payday loans, so you can rest assured there is one nearby.

Who is Eligible? 
canadian man
Canadian Resident
18+ Years of Age
Has a Bank Account
Proof of Income

Online Payday Loans with Bad Credit

Payday loans may not require a credit check. Online payday loans in particular have some flexibility about how they lend money. If you have bad credit, you still have borrowing options from payday lenders. 

Most traditional loan applications and credit card applications require you to submit your information for a credit check. Your credit score tells the lender how you’ve handled financial matters in the past. Your credit score can reflect decision you made up to ten years ago, however, which can lead to issues with your current ability to borrow.

If you’ve made some mistakes in the past, this may be reflected on your credit score for years to come. But since many bad credit payday loans don’t require your credit score as part of the lending process, you have more flexibilities and options with these loans than you might with a traditional bank loan. 

One possible downside of borrowing money through a payday loan with bad credit is that your loan repayment will not be reported to the credit bureaus. If a payday loan lender doesn’t check your credit to lend you money, it won’t report your good borrowing and repayment habits to the credit bureaus either.

How can I apply for a Payday Loan Online with Crediteck?

Applying for a payday loan with Crediteck is simple. If you are over 18 and a Canadian, to apply online for a payday loan, you must simply:

1) Fill in the loan application.

2) Show proof of income. 

3) Tell the lender where to deposit funds. 

Once you’ve completed the payday loan online application and provided information about your income and bank account, you may be approved almost immediately. Through an e-transfer payday loan, funds may be deposited as soon as the next business day into your bank account, making the entire process of an online payday loan smooth and efficient.

Quick Payday Loans in Canada

Payday loans are designed to move quickly. They are short term loans to help bridge a gap between paychecks, so it doesn’t make sense to have a drawn-out application and approval process. When you realize you can’t pay your bills or you have an emergency repair to handle, you need cash quickly and payday loans help to provide those funds.

Through Crediteck, you can borrow up to $1,000 almost immediately. Get cash in your bank account without every leaving home or walking into multiple storefront locations. Sometimes life presents challenges, and a quick payday loan is designed to help.

Bad credit Payday Loans in Canada

Bad credit can follow you for up to a decade. A low credit score can make it difficult to borrow funds when you need them in Canada. Fortunately, Crediteck can cover that gap by eliminating the need for extensive credit checks or reviews.

 

Many payday loan lenders focus only on your ability to repay the loan you are applying for. They don’t worry about past credit decisions if you have proof of income and a bank account at the time of the application. This makes it easy to find the funds you need when an emergency arrives.

Payday Loan online rates in Canada

Payday loans are short term loans that have some oversight by the government in Canada. Canadian government, for example, limits the amount of money that can be borrowed through a payday loan. The government can also impose limits on finances charges and interest rates on the loans as well. 

Online rates for payday loans can vary by quite a bit. Short term loans typically come with higher rates through finance charges, but if you compare rates from multiple lenders, you do have some control over how much you pay for the loan. Ultimately you want to be sure that the payday loan interest rate you’re paying for your payday loan is reasonable.

What if I Can’t Repay?

Then your check will bounce when the borrower goes to cash it which won’t be good for either of you. Obviously, you probably won’t be allowed to borrow from them again or, if you are, it will be at a much higher interest rate.

However, payday loans and short term loans are easy to pay back in full. After all, you write the check for the exact amount you know you’ll owe. It’s not like traditional personal loans that can all of a sudden jump up in payment amounts. You only pay once; you know exactly how much it will be; and you know when you’ll have the amount necessary to make good on it.

Payday loans are extremely easy to pay back and most people don’t have a problem with it

Is There a Catch?

No! One of the best parts about payday loans is how straightforward they are. You don’t have any surprises waiting for you or odd payments to anticipate. However, the interest amount will be higher than a traditional loan, but that’s to be expected given the nature of the loan. As it’s so small and being paid back so quickly, larger interest amounts are needed to help the borrower make a profit.

So if you’re in need of cash fast and think you’re out of luck, think again. Help is closer than you think. Just bring proof of employment and your checkbook to a nearby payday loan provider and you’ll be walking out with the cash you need before you know it.

Crediteck, a Canadian owned and operated, offer Payday Loans, Installment Loans and Short Term Loans in Ontario (Toronto, Brampton, Mississauga, Barrie, Ottawa, Hamilton) and in Alberta (Calgary, Edmonton) and British Columbia (Vancouver, Surrey) and In Quebec (Montreal) and in Saskatoon and Halifax